“I am an industrialist,” says Ndaba Ntsele, chair and co-founder of the Pamodzi Group, president of the Black Business Council (BBC) and one of the leading figures behind the black industrialist movement currently taking shape.

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In his budget speech this week, Finance Minister Nhlanhla Nene emphasised the importance of keeping SA fiscal policy progressive – that is, geared at redistributing resources from the rich to the poor. His tax proposals support this principle by raising taxes for the rich. But in truth, it is far more complicated than that.